Ukraine’s Security Service raided the country’s illegal cryptocurrency market

The Ukraine’s Security Service has been aggressively shutting down illegal cryptocurrency exchanges in the country, and criminal charges have also been filed against those who operated them.

Ukraine’s Security Service has hit the illegal cryptocurrency market by seizing over $2 million in cryptocurrencies.

They seized almost 2 million dollars worth of crypto currency after a raid on an organized crime group. This is just one example of Ukraine’s efforts to minimize its reliance on Russia and China for certain services, including telecommunications, gas resources, or defense equipment.”

Last week, the Ukrainian government announced that they had arrested 20 individuals suspected of laundering stolen money through cryptocurrencies, and a further six suspects were apprehended this weekend.

The arrests are part of an ongoing investigation into bitcoin exchange Exmo, which authorities raided earlier this year to look into suspicions of criminal activity such as extortion and blackmailing customers with threats or hacks against service providers databases including the infamous WannaCry ransomware campaign.

Ukraine’s Security Service has launched a new initiative to combat the country’s illegal cryptocurrency market. The agency will collaborate with local law enforcement and international partners, both domestically and internationally, to develop an integrated strategy centred on regulatory measures and criminal investigations.

Crypto Scam at its peak

The crypto money scam is on the rise nowadays, it’s getting harder for consumers to differentiate between a legitimate company and an illegitimate one.

Crypto scams are steadily gaining ground these days; with so many companies popping up every day, it becomes increasingly difficult for people to tell which ones are legit and which ones aren’t.

Read Also: Walmart Is Seeking A Crypto Product Lead

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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